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As the Indian finance minister, Nirmala Sitharaman gears up to present the interim budget for 2024-25 right before the impending elections, the retail sector is keenly watching for measures that could potentially reshape the landscape of retail dynamics.
Here’s a breakdown of their perspectives:
Varun Tangri, Founder and CEO, QueueBuster
As a seasoned professional deeply embedded in the retail-tech industry, my anticipation for the forthcoming 2024-25 budget stems from its potential to revolutionize retail dynamics. This budget holds significant promise, particularly for businesses leveraging advanced retail technologies.
I foresee this budget offering crucial support for retail expansion, potentially streamlining the establishment of new physical stores through targeted infrastructure incentives. These measures could facilitate smoother entry and growth for brands, retailers & D2C players, fostering a more seamless retail environment.
I anticipate the budget’s impact in simplifying tax procedures and increasing funding accessibility, particularly benefiting businesses eyeing physical retail spaces.
For those utilizing sophisticated retail technologies, like Point of Sale (POS) solutions, this support could amplify their growth trajectory within the retail realm. Furthermore, I look forward to the budget’s potential to address inflation and drive consumer spending, pivotal elements for sustained retail growth.
Rakesh Kaul, Managing Director, Livpure
As we approach the Union Budget 2024, the retail industry eagerly anticipates a budget that acknowledges its pivotal role and provides essential incentives for growth.
We hope for reduced taxes to alleviate financial burdens, and relaxation of compliance requirements to streamline operations. We are looking forward to the expansion of Production Linked Incentive (PLI) schemes that would further boost manufacturing and innovation.
Additionally, a pivotal reduction in logistics costs, ensuring seamless goods movement, is anticipated to greatly amplify operational efficiency. We look forward to a budget that fosters a conducive environment for the retail sector’s sustained development and competitiveness.